India Cracks Down on Rogue Crypto Platforms, Blocks Access to 15 Websites
The Financial Intelligence Unit (FIU-IND) has taken action against 15 Virtual Digital Asset Service Providers (VDA SPs) for non-compliance with India's anti-money laundering regulations. The agency issued notices to these entities, which include Weex International Exchange, BLF Global, and Bitunix LLC, among others.
The FIU-IND has requested relevant authorities to block access to the websites and applications of these entities operating illegally in the Indian market. This action was taken under Section 13 of the Prevention of Money Laundering Act (PMLA).
The government brought virtual digital asset providers under the statutory ambit of the PMLA in March 2023, making it mandatory for all crypto entities providing services to Indian residents to comply with national Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) frameworks.